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Late last year, 135 health system leaders worked with OpenMarkets and Chicago-based Pathstone Partners, a healthcare consulting group, to document several aspects of their capital process and equipment procurement strategy.

Analysis of this information has led to several key takeaways:

Too many organizations rely on Excel and paper-based methods for their capital approval process

GPO contracts don’t play a role in the final price for capital equipment

Reactive sourcing and uneven contracts result in higher prices for hospitals

With over $80 billion in healthcare capital spend annually, finding solutions to the above challenges is needed. Not doing so will result in continued inefficiency for both providers and suppliers.